Maritime Piracy and Economic Chaos in Old Manila
According to the International Maritime Bureau’s piracy reporting center, there has been an alarming surge in pirate attacks worldwide. Africa remains the world’s top piracy hotspot, with 24 reported attacks in Somalia and 18 in Nigeria this year.
Recently, Somali pirates seized the cargo ship Faina off the coast of Somalia on Thursday as it headed to Kenya. The Ukrainian-operated ship is carrying ordnance ordered by the Kenyan government, which ncludes 33 Russian-built T-72 tanks and a substantial amount of ammunition and spare parts.
The pirates are demanding a $20 million ransom to release the Faina and its crew. Although the Kenyan government stands firm in its policy not to negotiate with pirates or terrorists, what’s on board deeply concerns five nations — Ukraine, Somalia, Russia, the United States and Britain — and have been sharing information to try to secure the swift release of the ship and its 21-member crew.
Meanwhile, in America, in its attempt to thwart a shattering financial crisis with major global repercussion, the Bush administration and congressional leaders agreed on a deal to authorize the biggest banking rescue in U.S. history — the $700 billion bail out program.
According to the Wall Street Journal, at its core is Treasury Secretary Henry Paulson’s concept of buying impaired mortgage-related assets from financial firms — giving them cash to replace the toxic debts that have put them in danger or dissuaded them from lending. The plan is to help the firms restore their capital bases as well as the trust that enables them to borrow and lend at reasonable terms. Without this, officials worry that the credit markets, the lifeblood of the U.S. economy, would grind to a halt.
An extraordinary week of talks unfolded after Paulson and Ben Bernanke, the Federal Reserve chairman, went to Congress 10 days ago with ominous warnings about a full-blown economic meltdown if lawmakers did not act quickly to infuse huge amounts of government money into a financial sector buckling under the weight of toxic debt.
These two crises — maritime piracy and economic turmoil — in one fell swoop, at one point during the 16th century, similarly roiled in and shocked Manila.
In the early morning of November 4, 1587, in the bay of Augua Segura or Puerto Seguro, now named San Jose del Cabo somewhere in the tip of Baja California, the English pirates led by Thomas Cavendish sighted the galleon ship Santa Ana, on her way to Cabo San Lucas at the tip of Lower California to make a landfall and check her course prior to continuing on to Acapulco.
Cavendish’s ships, the Desire and Content gave chase with all sail. It was afternoon when they came up broadside with the Santa Ana — tagged as the “great rich ship” — under the command of Tomas de Alzola. It left the port of Cavite the last week of June, some four-and-a-half months earlier.
The English ships attacked the Santa Ana with full force, killing and maiming many of its men who fought valiantly and refused to surrender. After about six hours of intense resistance and having suffered heavy loses — with the hull of Santa Ana also sustaining a canon blast at the waterline — Captain Tomas de Alzola finally hung out a flag of surrender.
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